fbpx

A1 Trading

Incoming US Jobs Data

October 4, 2022
Michael J. Donoghue
Incoming US Jobs Data

According to this morning’s Job Openings and Labor Turnover Survey (JOLTS) results from the US Bureau of Labor Statistics (BLS), job openings at the end of August were far lower than expected. Just over 11 million employment opportunities were forecast, while the actual number barely exceeded 10 million. This incoming US jobs data, which verifies that America’s labor market is indeed cooling, has likely fed into bearish momentum for the US Dollar this morning.

However, this is not the only crucial labor-related USD news that traders will have to work with this week. Tomorrow at 8:15 am Eastern Time, Automatic Data Processing, Inc. will release their Non-Farm Employment Change (NFP) estimates for September, and on Friday at 8:30 am ET, the BLS will reveal September’s changes in Average Hourly Earnings and NFP, as well as the new US unemployment rate.

How Might This Be Significant?

These have the potential to be huge fundamental catalysts, which may still favor USD bulls despite low JOLTS results; this is because, as Fed Chair Powell has recently pointed out, US job openings nearly outnumber those seeking work two-to-one. Due to this disparity, we could potentially encounter a situation where job openings continue to decline while wages and new hires keep increasing nonetheless, at least for a time.

Possible Pairs to Trade

For those who are hoping to go long on USD, the following pairs are rated favorably by the EdgeFinder, A1 Trading’s market scanner that offers helpful fundamental analysis, sentiment analysis, and more. They are listed in order of favorability, along with their respective ratings and biases/signals. As you can tell from each of the corresponding charts, the recent selling pressure for the Greenback might provide USD bulls with some optimal points of entry, judging from the resistance levels being hit.

1) EUR/USD (Earns a -5, or ‘Sell’ Rating)

Incoming US Jobs Data
Incoming US Jobs Data

2) GBP/USD (Earns a -4, or ‘Sell’ Rating)

Incoming US Jobs Data
Incoming US Jobs Data

3) USD/JPY (Earns a 4, or ‘Buy’ Rating)

Incoming US Jobs Data
Incoming US Jobs Data

4) AUD/USD (Earns a -4, or ‘Sell’ Rating)

Incoming US Jobs Data
Incoming US Jobs Data

The EdgeFinder

All-in-one Fundamental Dashboard

30 Days Access

Free Telegram

Join for daily analysis and trade setups!

Join Telegram

DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
Signals

A1 Trading Company

A1 Trading is a leading financial analysis and trading education company dedicated to empowering traders of all levels. Our team combines extensive market knowledge with cutting-edge technology to provide valuable insights and tools for traders worldwide.
2024 All Rights Reserved | A1 Trading Company
There is a significant degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable risk exposure, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you can afford to take the high risk of losing your money.
homesmartphonelaptop-phonecross-circle
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram